Mortgage applications fall 3.8% despite rates holding steady at 6.60%
By
Diana Olick
Yesterday's bagel, baked twice. Familiar and a bit tough.
Summary
Mortgage rates remained flat at 6.60% for 30-year fixed-rate mortgages, but total mortgage application volume dropped 3.8% week-over-week according to the Mortgage Bankers Association. Despite rates not rising further, demand weakened from both homeowners and potential buyers. Recent CPI data showed inflation continuing to move higher, which is putting additional pressure on the housing market.
Key quotes
· 3 pulledTotal mortgage application volume fell 3.8% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, remained unchanged at 6.60%
Last week's CPI data showed that inflation continued to move higher
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